Building Britain for Generations: A Policy Agenda for Family Businesses
Summary of Recommendations I Investing in our Communities
Local Procurement to Support Family Businesses
High Streets Introduce tax relief for family businesses which invest in their communities – for instance if they invest in community spaces or measures to reduce the level of business crime. This could be similar to the current tax relief system where individuals can donate to Charities or Community Amateur Sports Clubs. Further Devolution Implement a new wave of fiscal devolution led by new and existing Mayors. All Mayors should have family business representation on their Business Advisory Council or appoint a ‘family business czar’.
Simplify the procurement system to place greater weight on social value, local presence and long-term delivery capability in Government and local Government tenders. The new Office for the Impact Economy 1 should work closely with Department for Business and Trade and the wider Cabinet Office to make these changes. Introduce proportionate financial and insurance thresholds aligned with contract risk and improve transparency and feedback mechanisms to support continuous improvement by family business bidders.
1 Office for the Impact Economy – provides a single front door for impact investors, philanthropy and purpose-driven businesses to partner with the Government and grow their social impact across the UK
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